Albany, NY -- (ReleaseWire) -- 07/07/2014 -- Machine vision (MV) is a technology used to provide imaging based automatic analysis and inspection in various industrial applications such as process control, automatic inspection and robot guidance among others. Common machine vision technology applications include sorting, quality assurance, robot guidance, material handling and optical gauging. This technology offers various benefits such as automation of production process, higher production speed and improved product quality. MV technology is being increasingly used to replace manual measurements and inspection with digital cameras and image processing. The deployment of machine vision technology in manufacturing line has increased and is expected to rise due to the development of smart cameras. These smart cameras do not need a computer to run on and are small, durable and easy to configure. Furthermore, enhanced adoption of MV systems in major non-industrial applications such as healthcare and security and surveillance is expected to fuel the growth of this market over the forecast period.

The machine vision technologies market can be segmented into products and applications. Depending on the types of products, the machine vision technologies market is segmented into three major categories namely embedded machine vision systems, PC (personal computer) based machine vision systems and smart camera based machine vision systems. On the basis of applications, the machine vision technologies market can be segment into two major categories namely industrial applications and non-industrial applications. Industrial application segment includes automotive, electronics, semiconductors, pharmaceuticals, wood and paper, metals, rubber and plastics, medical devices and others (packaging, printing and glass). Non-industrial application segment includes healthcare, surveillance and security, defense and military, traffic management, and logistics and transportation. The machine vision technologies market across the globe is a multi billion market and is expected to show a significant growth in CAGR, from 2014 to 2020. There is a considerable increase in the machine vision technologies market because MV systems solve problems of industrial inspection and improve accuracy and efficiency in the inspection process.

Some of the key drivers of this market include shifting technological trend from analog to digital systems and increasing adoption of machine vision technologies in new applications such as healthcare, transportation, surveillance and security, which are the biggest revenue generators for machine vision technologies market. The key restraints to this market are lack of standardization and lack of awareness about machine vision technologies among system operators.